Barclays Research discusses USD/JPY near-term technical outlook.
"We see USDJPY trading in a technical range of 126.5-130.0 this week, based on the current level of 128.4. On the downside, we see support at 127.1 (daily Ichimoku conversion line), 126.5 (last week’s low), 125 (psychological threshold) and 123.9 (daily Ichimoku baseline)," Barclays notes.
"Resistance comes initially at 129.4 (recent high). Beyond that, the focus will be whether the pair can break the psychological threshold of 130," Barclays adds.